Benchmark Electronics at Small-Cap Conference: Strategic Growth Insights

On Wednesday, 17 September 2025, Benchmark Electronics (NYSE:BHE) presented at the Small-Cap Virtual Conference, outlining a strategic vision for growth amidst industry challenges. Incoming CEO David Moezidis and CFO Brian Schumacher shared insights on the company’s performance and future strategies, highlighting both opportunities and potential hurdles in sectors like semi-capital equipment and AI.

Key Takeaways

• Benchmark Electronics is optimistic about growth, driven by a strategic pivot in its commercial organization.
• The company is focusing on existing customers and targeting premier brands to boost margins.
• Despite a slowdown in the semi-capital equipment sector, Benchmark has outperformed competitors by enhancing vertical capabilities.
• Financial strategies include managing tariffs, improving margins, and optimizing factory utilization.
• The company is exploring strategic tuck-in acquisitions to enhance its market position.

Financial Results

• Tariffs and Costs: Tariffs are largely passed on to customers, with minimal impact on financials beyond slight increases in sales and costs.
• Margin Improvement: Focus on complex products and factory optimization is driving margin enhancements.
• Cash Flow: Benchmark reported $80 million in free cash flow over the past year, with a focus on reducing inventory and improving the working capital conversion cycle.
• Capital Allocation: Priorities include dividends, stock buybacks, debt repayment, and strategic acquisitions.

Operational Updates

• Growth Strategy: The company is leveraging a commercial pivot made two years ago, resulting in record bookings and improved performance.
• Customer Focus: Emphasis on serving existing customers has been a key driver of success.
• Market Share and Competition: Benchmark is expanding its market share, particularly in the semi-capital equipment sector, and competes with major players like Jabil and Flex.

Future Outlook

• Sector-Specific Strategies: Tailored approaches for sectors such as medical, aerospace, and industrial are in place to drive growth.
• AI and Hyperscale Strategy: Benchmark is focusing on the broader AI ecosystem, leveraging its liquid cooling capabilities and US-based manufacturing.
• Geographic Expansion: Opportunities in shifting business from Mexico to Southeast Asia are being explored.

M&A Strategy

• Acquisitions: The company is eyeing tuck-in acquisitions that align with its footprint and contribute to margin improvements.

Benchmark Electronics remains focused on strategic growth and operational efficiency. For a detailed understanding, refer to the full transcript below.

Full transcript - Small-Cap Virtual Conference:

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay.

So good morning, and welcome to the Sidoti Virtual Small Cap Conference, and thank you for joining us today. I’m Anja Soderstrom, a senior equity analyst here at Sidoti. And as I mentioned, next up, we have Benchmark Electronics, TKBHE. And with me today, I have the incoming, CEO, David Muizidis, and I also have the CFO, Brian Schumacher. This is gonna be conducted as a fireside chat, and we encourage the audience to chime in with their own questions, and you can do so in the q and a function at the bottom of your screen.

So with that, I’ll wish you welcome, David and Brian. So first, maybe David, since you’re kind of new in your role here or incoming role as CEO, Maybe you can do a brief introduction of yourself and also talk about the SEO transition and the timing of it.

David Moezidis, Incoming CEO, Benchmark Electronics: Sure. Sure. Happy to. Good morning, everyone. I am David Moezidis.

Little bit about my background. I joined Benchmark about two years and two months ago, to be to be exact, and I joined Benchmark after a twenty five year career at Flex or Flextronics to some. And and at at Flex, I I ran a number of different businesses, and I I left Flex as the president of the lifestyle business after being responsible for their industrial and energy business for about an eight year period. With regards to the timeline here, around, transitions, so Jeff Bank announced his retirement a couple of weeks ago, and that will take effect at the March. And, Jeff is going to remain an adviser to me, the board, the the leadership team for an additional year, thereafter.

And, that’s, I think, pretty much covers it.

Anja Soderstrom, Senior Equity Analyst, Sidoti: It seems like it’s a it’s a very going to be a very seamless transition then, with a lot of overlapping time. So that

David Moezidis, Incoming CEO, Benchmark Electronics: should Exactly.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Miss a beat there.

David Moezidis, Incoming CEO, Benchmark Electronics: Yeah.

Anja Soderstrom, Senior Equity Analyst, Sidoti: So, welcome on board then, as a CEO, eventually. I mean, incoming CEO for now. And if you could just talk about the growth outlook by sector and the demand drivers for each sector that you touched on with Benchmark.

David Moezidis, Incoming CEO, Benchmark Electronics: Sure. Sure. So with regards to growth, we’re we’re really optimistic around the the future for us. We made a pretty significant commercial organization go to market formation pivot a couple of years ago, and we’ve been seeing the the benefits of that pivot quarter over quarter with regards to our bookings performance. In July, I had reported in the earnings call that, we had a multiyear record high in in our bookings, and we’re really, really proud of that.

One of the areas of focus for us has been focus on your base customers and grow the base as, it’s just a path of least resistance to be able to to take care of your existing customers. So we have tripled down, not just doubled down, but tripled down on that effort in the past two years, and and it’s really been benefiting us on on that front. And what we also did was we created a a more dedicated business development organization to focus on those premier brands, those those premier logos, and the premier products, that really allows us to to go after the things that are not, if you will, in in the kind of being fought with regards to margin, challenges, or or competitive challenges as it relates to the aggressiveness. So so we try to stay above that and and focus on areas that’s gonna be margin accretive to us and and and really not dilute us in in those particular opportunities. So when when you start thinking about our our various sectors, just if I cover sector to sector, I’ll start with medical.

I mentioned in July that that we feel medical has turned the corner and on on two fronts. One is coming out of COVID, we started seeing that our customers had a lot of inventory in the channel, and and those inventories are clearing themselves up. And and we felt in in the July as we came out in in July, for the most part, that’s behind us. So super encouraging that. And we also have one incremental business in that space, And one of them that I mentioned was a competitive takeaway, and it was I referred to the the terminology as a lift and shift.

And when you do that in medical and the other sectors, a and d, the time to revenue is a lot quicker. So we’ll be able to see that benefit much quicker than when you typically went in in a and d or medical. It could be a two to three year story. So those lift and shifts, that’s why I emphasized on it. Coming out of medical, into ACC, that’s our advanced commute compute and communication sector.

That that one has has has been kind of bumping along, but I I reported to

Brian Schumacher, CFO, Benchmark Electronics: all of

David Moezidis, Incoming CEO, Benchmark Electronics: our investment and analyst communities a couple of meaningful wins in relations to AI, and we were very excited by that. And we we believe starting in q four, we’ll start delivering, you know, quarter over quarter and and, again, year over year type of growth performances in in that space as we have to go through ramping these customers. And we’re in the middle of ramping both of the ones that I mentioned in in July. A And D A And D is an area that’s been, performing really well during the past couple of years while the other areas were dealing with the COVID overhang with the inventory challenges that I shared about, A And D wasn’t. And so we’ve seen really great growth in in A And D, and we continue to win in A And D.

And we feel that we’re in a pretty good position, as it comes to serving our customers in commercial air as well as serving our customers in in the defense space. These these are companies, US companies and Western European companies, for the most part. Shifting to industrial. Industrial, very similar to medical. We we we feel like industrial has has stabilized, showing signs of also growth.

Industrial is an area that we’ve we’ve really focused on in the last couple of years. One has to do with my background. In so many years in industrial, I felt like this is an area that we can invest and and go after certain logos that were not part of the portfolio, and we we doubled down on that. And and and we’re excited with some of the results of of industrial. And this was another area that I commented on in in the call that we did a competitive takeaway, a pretty meaningful opportunity that was also another lift and shift that, we we we picked up a pretty sizable piece of business from Mexico and moved it to our Thailand facility in Southeast Asia.

Really proud of that. This was a base customer that, we have been executing and performing for them for a number of years, and and so this was just a share of wallet expansion with regards to to this particular customer. And that that is really beneficial because it helps the margins, it helps the absorption of the factory, etcetera, and it creates value for our customer. And the last one, I’ll I kinda saved saved the the best for last, and that’s this semi capital equipment sector. Sem semi, as as most everyone on the call perhaps knows, has gone through a a bit of a slowdown in the last couple of years, and a lot of companies have been trying to judge when is this going to turn, when is this gonna turn.

One thing that we focused on is continue to work hard with our customers and and grab market share expansion from them. So even with the downturn, we outperformed the market, And so we’re very pleased by that. We continue to invest in vertical capabilities like precision machining. These these are areas that are a different margin profile, a different margin pool, and we feel that we have a really a great competitive advantage when when it comes to semi. Now back to when is it gonna turn, that that’s that’s a question that there’s many different opinions on it.

The the feeling was it was gonna turn in early twenty five, then, you know, people started saying second half twenty five. Now now we’re we’re we’re hearing kinda mixed views of it could be early twenty six or second half twenty six. So that was the same narratives that we heard in ’24. But what I can say is when it turns, we’re in a great position.

Anja Soderstrom, Senior Equity Analyst, Sidoti: So, I mean, yeah, you you’ve been gaining market share. Right? So you should, it’s and and you you mentioned it’s also higher margins than the overall average margin. Right? So

David Moezidis, Incoming CEO, Benchmark Electronics: Correct. Correct. In

Anja Soderstrom, Senior Equity Analyst, Sidoti: terms of the the growth, you said you you’re doubling down or triple down growing existing customers. So how should we think then about adding new logos?

David Moezidis, Incoming CEO, Benchmark Electronics: Yeah. So it’s a great question. What what we’ve done is in the formation change that we we started and implemented two years ago so this is not a new journey. This is a journey we’ve been on for over two years now. What we did was we grew our account management organization to make sure that we have more customer focus, better customer focus, and and attention and attentiveness to to them.

So that’s on the on the base expansion. And what we did on the on the new logo upfront is we we built out a dedicated business development organization in The US as well as in Western Europe to really focus on the right targets that fit our portfolio strategy and our go to market strategy. So we’re not out there chasing every shiny object. We’re not out there chasing low margin consumer products, things like that. That’s not who we are.

We’re really very focused on the sectors that I just described to to everyone, and and that’s what we’re gonna continue to do. So we have a very sophisticated coverage model, and our dedicated business development team focuses very much on that. And that coverage model has a number of different dynamics to it, right, the health of the company and the the TAM available in that company. Does it fit our profile? And as we check those boxes off, that’s where we’d say, okay.

That’s the company we wanna go after. And we go and we invest a lot of time. We bring forward different solutions, that that we have as a company. So it’s not just manufacturing. We have vertical capabilities around precision machining as I described.

I really believe we have one of the the the best engineering organizations in in the industry, and we’d leverage our engineering organization as a part of our go to market strategy to to win, and, that has worked effectively for us.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Thank you. And and just back to the semis, what kind of lead times do you have then when that starts picking up? Is it will there be a lag for you, or how imminent will that be in terms of your, revenue growth?

David Moezidis, Incoming CEO, Benchmark Electronics: So so lead times vary by by the different wins. Right? The lift and shift lead times, Anya, are are generally quicker. So lift and shift lead times, I would just say nine nine to twelve months max are are the typical lift and shifts. When you start talking about more of the classic, and and these very young industries as well, more of the classic, you’ve won the business, you’ve buttoned up the contract, things like that, those are more like maybe twelve to fifteen months time horizon, maybe twelve to eighteen months in in certain cases.

And then in in medical and, a and d, you may see some longer horizons because of the regulatory elements and those longer government contracts and and such. Those longer horizons in in some of those cases could be two to three years, type of a horizon. So we try to be really balanced with what we go after. So we’re not gonna go heavy in one and then have to sit here and wait for two to three years. So our go to market strategy is to focus on every sector.

We have vice presidents leading every sector. So they’re running their businesses focused on delivering, the performance that their business needs to perform for us to be able to perform as a enterprise to to, to our shareholders.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. And you mentioned, you won two programs that were lift and shift. Were they coming from in house production or or from a competitor? And have you seen any changes to the competitive landscape at all? Yeah.

David Moezidis, Incoming CEO, Benchmark Electronics: Yeah. So the the there’s actually there’s three dynamics on the lift and shift. Two of them were competitive takeaways. One of them was was a geographic shift where we basically picking up business from Mexico and moving it to Southeast Asia. One of them was in the same geo shift and lift and shift, and that was that was related to quality challenges by the competitor.

And we we brought in some innovative in automation ideas that allowed us to differentiate ourselves. So these are not opportunities that we’re coming in and trying to undercut price and be reckless and and things like that to win the share. We’re we’re being very disciplined and thoughtful, and that’s why I wanted to bring up the automation example. So you bring automation, you improve the cost of poor quality for the customer, and that in itself creates value and and allowed us to do that particular lift and shift in the in the geo. The third example I shared with you, you said in house.

You know, we have companies and customers that go and do m and a from time to time, and the opportunity that availed itself was a longer time horizon customer that we’ve been really serving them well in multiple geographies. And this customer went and did an m and a deal in Japan. And the CEO called me and said, David, can you help us? We wanna move this business from from Japan to your Thailand facility. And, obviously, we had great relationships, and we assembled a team, and and we have successfully made that transition and moved that business over.

And we we alluded to it on a couple of our quarterly calls that we wanted, that we’re working on the ramp. And and right now, we’re we’re looking to have most of that ramp completed in q four.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. Can you just also speak to some of your main competitors and if there’s been any sort of new players coming in at all, and is there any room for consolidation in the industry?

David Moezidis, Incoming CEO, Benchmark Electronics: So, you know, we we have we have competitors in in various categories. So as the industry goes, the industry refers to companies like us as as tier one electronic manufacturing suppliers. And in that tier one arena, you have the likes of Jabil, Flex, Celestica, Sanmina, etcetera, just to to name a few. So you could certainly say we compete with each of them in various different ways. There are certain players that don’t participate in a and d, so we don’t compete with that particular player in a and d, but then there may be somebody else that competes in in a and d and and with us, and and we’ll compete there.

So so there isn’t one specific competitor out there that I would say this is the one that we see, and and it’s only this one in the in the tier one. But, fortunately, we’ve been winning our unfair share, and I I would tell you this. In the last eight quarters, we’ve continued to increase our bookings quarter over quarter. And as again, I think I mentioned that as we reported in in July, we had a multiyear record as it relates to our bookings. So so we’re winning out there.

We’re winning in the marketplace, and and we’re we’re we’re really proud of that. That’s the tier ones. And then and then you have kind of a longer tail of tier twos and tier threes and, you know, regional players here and there that we we may run across them from time to time. But for the most part, differentiating ourselves from those, given our geographic footprint, given our our engineering horse power and our overall capabilities as it relates to vertical capabilities and and such, we’re able to easily differentiate when when it comes to those tier two, tier three players. And and some of those tier three players, do well because of a very unique proximity to the client.

They may have a factory in South Dakota, and that company is in South Dakota and and, and just wants to deal with somebody down the street. So that that’s, I I think then that’s more of the tier three, tier the the players that enjoy that, those types of relationships.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. Thank you. And in terms of tariffs, can you just speak to the impact on on your business, what you’re seeing there?

David Moezidis, Incoming CEO, Benchmark Electronics: So we’ve indicated, and I’ll I’ll let Brian kinda talk to the the tariffs, there’s kinda two elements of it. I’ll I’ll talk to the fact that when we have 20 manufacturing sites in in in the various geographies, we’re very well positioned to solve problems for our customers. So if there’s a customer that has a tariff impact, comes to us, we’ll work with them, or we proactively see something. We’ll go to them and say, hey. We’ve swatted this.

Let’s talk about how we can get you to Mexico because you could leverage USMCA exemptions and be able to avoid maybe certain tariff implications, etcetera. So we’re we’re being proactive in the areas that we see something clearly glaring out at us. And then there are times that customers see something, and they may be somewhere that they’ll come to us from that. So all I wanted to address it from we’re in a great position to solve problems. And this is, again, same thing that goes back to some of the tier three, tier fours.

They don’t have that footprint that we have. They don’t have the ability to to move around. And we reported that we opened up a brand new world class facility in Guadalajara, Mexico that really positions us well to have the necessary footprint to address that. I’ll pass it to Brian, and Brian will talk about kind of some of the financials as it relates to tariffs.

Brian Schumacher, CFO, Benchmark Electronics: Yeah. So if you think of the financial impact, I mean, we pass tariffs onto our customers. So a few things. That’s only when we incur them. Other ones, our customers are responsible for importing the goods that we produce, so we may not even see that.

But if we are responsible for importing, that is a pass through to our customers. Now what I will say, it impacts margin because it hits the top line and it’s a recovery through cost of sales. So, but for the most part, it really has no impact on us from a financial standpoint other than grossing up slightly.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Oh, okay. Thank you. And can you also touch on your exposure to the hyperscale and AI, and and what’s the potential is there for you?

David Moezidis, Incoming CEO, Benchmark Electronics: So so we’re we’re we’re we’re not playing with the hyperscalers as it relates to direct engagements. We have really focused on there’s a there’s a broader ecosystem as it relates to AI. So it’s it’s not about just the the you know, you have a relationship with those three guys or those four guys, and and that’s it. So instead, we’ve we’ve stepped back and said, what what can we do in in this area? What capability set do we have?

And and we’re leveraging those capabilities. We’ve shared that we have phenomenal liquid cooling capabilities that we’re able to bring to our customers to create value. I mentioned we won a couple of, I would say, meaningful AI opportunities with with significant companies that are are are are part of the ecosystem, important parts of the ecosystem, and they’re serving serving their end customers, and we’re helping them deliver those necessary solutions. So so it’s it’s not all about the hyperscalers to necessarily to participate. By the way, we participate in AI as it relates to our semiconductor capital equipment companies as well.

So we’re we’re involved in the ecosystem in in a in a couple of different ways. Semiconductor is one that’s been there for a while, and then these new reported wins that we we shared in the last couple of months are much more direct in our advanced compute and communication. And and just to give some more color on, you know, our us being credible, we have built some of the the fastest supercomputers in the world. So this is not a space that we don’t know what we’re doing. We don’t know how to find our way around it, and we actually had just made a we shared a release on on on building some products a few months ago with Intel and and so on and so forth that you can certainly look up.

So this is space that we’re good. We know we’re good at. We know, we have the capability set. We have the right capability set as it relates to cooling, and and we’re leveraging it. And and by the way, that capacity set that I’m talking about is in The US and having that made in USA, it’s it’s it’s valuable to some of these players, and they’re taking advantage of it.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. Thank you. And can you also talk about the main drivers for your margin improvement over the past couple of years? And and as we see revenue growth come back to more normalized levels, hopefully, how how, could that impact the margins?

Brian Schumacher, CFO, Benchmark Electronics: Yeah. So if you look at our overall portfolio and what we’ve expanded with semi cap and some of the other focus that we’ve had on, more complex and continue to drive that rather than not just doing the commodity type products and really focusing on how do we the top line and the gross margin line on that front. As you talk about revenue and what we see into the future, we feel that we are well positioned with our current footprint around The US and internationally to help us scale with that footprint. And then with s g and a, basically, being able to leverage that and contribute to the bottom line. So on a couple of things, as you as we get these wins, we’re able to fill up our factories, better optimization on that front on the margin line, and then with our s g and a being able to really drive improvements and efficiencies there that improve to the bottom line.

So

Anja Soderstrom, Senior Equity Analyst, Sidoti: And how much revenue, could you support with your current footprint?

Brian Schumacher, CFO, Benchmark Electronics: We wouldn’t get into specifics. Now what we talked about Mexico and the expansion down there with the new Guad facility. We announced earlier in the year about Penang 4, a new facility for Semi cap. So we have a good footprint and, capacity around the globe and basically and in The US to expand. So we do have room to expand in our current footprint.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. Thank you. And a common theme, among you and your peers through COVID and as we came out of COVID was inventory buildup and supply chain, challenges. Where do we stand with that now?

Brian Schumacher, CFO, Benchmark Electronics: Yeah. We’ve done a great job to drive our, cash flow and working the conversion cycle down. I mean, this last quarter, we drove it down six days. Working towards the five to five and a half turns is where we’d like to get to on the inventory side. So we’ve had a lot of focus throughout the team and organization.

Last twelve months is about $80,000,000 of free cash flow. Q two, we were impacted slightly due to some onetime tax payments, but then going forward moving back into cash free cash flow positive. So we feel good about that, and a lot of that’s gonna come from continuing to drive inventory days.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. And and with the improved cash flow and and balance sheet, what what are your capital allocation priorities going forward?

Brian Schumacher, CFO, Benchmark Electronics: Yeah. We continue to look at paying the dividend first. I mean, that’s one of the priorities. We’ve done stock buybacks the last few quarters that we’ve announced, to offset some of the dilution, and we’ve paid down debt. And then, I mean, strategically, I mean, we have a strong balance sheet, so we’ll continue to look at acquisitions if they make sense.

We haven’t done any for a while. I mean, it’s gotta be the right one. And as David kind of alluded to the growth internally and the cost to do that, and we’ll probably invest more in some of the capital if we need to, for the capital investments to help grow some of the current, logos that we’re winning, and that’s where we see that allocation going.

Anja Soderstrom, Senior Equity Analyst, Sidoti: So to the extent you you would be doing m and a, what kind of deals would it be?

Brian Schumacher, CFO, Benchmark Electronics: Ideally, tuck in. I mean, we kind of talked about our footprint. We have the capacity. We like where we’re at around the globe. So we’re very particular on where we wanna invest.

I mean, it has to make sense strategically and basically with a customer base and partnering with them. So we don’t we’re not looking to grow the top line just to grow it. I mean, we’ve talked about the margins and continue to improve those, and we wanna make sure any acquisition would be contribute to that improvement.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. Thank you. And to the extent, anyone in the audience have any question you would like to throw in, you have some time now. Otherwise, I wanna ask you, David, what brought you what drew you to Benchmark, and and what are your thoughts coming in as the CEO and for the future Benchmark, and are there any major what makes you excited for the for the future Benchmark?

David Moezidis, Incoming CEO, Benchmark Electronics: Yeah. So what what drew me into Benchmark twenty six months ago, was it was a company that I’ve always paid attention to over the course of the two, two and a half decades that I I was at Flex. And, really, I I when the opportunity availed itself, Jeff Bank had reached out to me and said, hey. Would, you know, would you consider coming over? We we had some meetings, and we we talked about it.

And I I felt like, wow. This company is really poised to to explode, right, to get out of its kind of this area that it’s been in in the last couple of decades. And I felt that it was a great opportunity for me. I I wanted to accept the challenge. I I had done pretty much everything you can imagine at Flex at that time.

And, I I made the decision to to leave Flex and and come to Benchmark and and really help the company grow. And, by the way, before I made my decision, I had an opportunity to spend some time with the various leaders inside the company, and and I really felt that Jeff has assembled a a great leadership team, has assembled a a great team, has really established a great culture. And and having those things in place is just going to make it easier for us to to really drive the the change that, we’ve started. Right? This is not a change that I’m gonna talk to you about and say, well, when I’m the CEO in in a few months, I’m gonna, you know, drive this check.

This journey started two years ago. And, really, it’s it’s about what can you do now. It’s it’s continue the momentum, continue to stay on in in the course. And I and I’ve shared this, you know, as as folks have asked me. My intention is to work with Brian and the rest of the leadership team to try to really accelerate that.

So accelerate the strategies, accelerate the path. There’s nothing broken about the company. It’s it’s really more about build on this phenomenal company that has this great foundation.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Okay. Well, we look forward to to follow follow your journey there. And with that, we’re kind of out of time. So I wanna thank everyone who who tuned in and and David and Brian and Benchmark for participating today. And I’m gonna hand it over to you, David, for some closing remarks.

I know you have a pretty full one on one schedule, but if anyone would like to catch up with management outside of this presentation, you can reach out to us or to the company directly, and I’m sure they will make themselves available for you. And with that, I’ll hand it over to you, David.

David Moezidis, Incoming CEO, Benchmark Electronics: Okay. Well, thank you very much, everyone. And and, Nadia, thank you very much for hosting us today. We we certainly appreciate it. And as you can tell, we’re very enthusiastic about about our future, and I’m I’m I’m super excited in what’s in in front of us.

And we we’ve got the right talent. We’ve got the right leadership team. And and as I’ve shared, we’re we’re gonna build on it, and and we’re gonna we’re we’re gonna grow grow Benchmark and and continue to, expand the company. So I appreciate it.

Anja Soderstrom, Senior Equity Analyst, Sidoti: Great. Thank you. Thank you, everyone.

Brian Schumacher, CFO, Benchmark Electronics: Thanks.

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